Helmerich & Payne Inc. (HP) said its first-quarter net income dipped to $63.23 million or $0.59 per share from $145.27 million or $1.36 per share last year. On average, 19 analysts polled by Thomson Reuters expected earnings per share of $0.50 for the quarter. Analysts' estimate typically excludes one-time items.
The company said that included in both this year's and last year's first quarter net income are less than $0.01 per share of gains from the sale of drilling equipment and involuntary conversion of long lived assets.
Operating revenues for the recent quarter totaled $399.84 million compared with $623.75 million during last year's first fiscal quarter ended December 31, 2008. Eleven analysts estimated revenues of $378.62 million for the quarter.
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